Boards of PVR and Inox Leisure approve merger

2 Apr 2022 , 01:33 AM

The Board of Directors of PVR PVR and the Board of Directors of INOX Leisure INOXat their respective meetings held on 27 March 2022 have approved an all stock amalgamation of INOX with PVR The amalgamation is subject to approval of the shareholders of PVR and INOX respectively stock exchanges SEBI and such other regulatory approvals as may be required Upon obtaining all approvals when the merger becomes effective INOX will merge with PVR Shareholders of INOX will receive three shares of PVR in exchange of ten shares in INOX Post the merger the promoters of INOX will become co-promoters in the merged entity along with the existing promoters of PVR Upon effectiveness of the scheme the Board of Directors of the merged company would be re-constituted with total board strength of 10 members and both the promoter families having equal representation on the Board with 2 board seats each Ajay Bijli would be appointed as the Managing Director and Sanjeev Kumar would be appointed as the Executive Director Pavan Kumar Jain would be appointed as the Non- Executive Chairman of the Board Siddharth Jain would be appointed as Non-Executive Non-Independent Director in the combined entity The combined entity will be named as PVR INOX Limited with branding of existing screens to continue as PVR and INOX respectively New cinemas opened post the merger will be branded as PVR INOX Post the merger PVR Promoters will have 1062Percentage stake while INOX Promoters will have 1666Percentage stake in the combined entity